Sanjay Malhotra has made structural changes to banking regulation to bring down costs and increase efficiency. Plus, he kicked off a benign interest regime. But there are challenges ahead.
The Reserve Bank of India is likely to announce a "gradual" exit from its easy money stance and may resort to raising key rates to squeeze out excess liquidity from markets in its forthcoming review meeting, investment banking firm Barclays Capital says.
The Ambani family, headed by billionaire Mukesh Ambani, possesses a wealth of Rs 28 lakh crore, more than double that of the Adani family at Rs 14.01 lakh crore, a report said on Tuesday. The 300 most valuable Indian families have a wealth of over $1.6 trillion (over Rs 140 lakh crore), or more than 40 per cent of the country's GDP.
According to the financial services firm, India's growth pattern remains skewed towards the services sector and is heavily dependent on domestic consumption, which it said, raises the possibility that the imbalance between the services and other sectors may widen even further.
The brokerage firm cautioned that there is a possibility of further downside risks to growth, especially in the near term as RBI's policy interest rate cuts in recent months has not been translated into reduction in bank lending rates.
The new members, Jitesh Gadhia, Marc Holtzman, Simon Hargreaves, Jason Rynbeck and Frank Hancock, would report to Barclays European Investment Banking and Debt Capital Markets' head John Winter, Barclays said in Mumbai on Tuesday. "The appointments will significantly enhance our ability to advise our clients on corporate strategy, divestitures and acquisitions with particular focus on clients in high growth markets in Asia, Central and Eastern Europe and West Asia."
Financial services major Barclays is to reduce its headcount by about 2,100 in investment banking and money management, as part of its cost cutting measures.The company is cutting 1,300 people from Barclays Capital, the debt-focused investment banking business, 500 from the Barclays Wealth private banking arm, and 330 in asset management business Barclays Global Investors. Overall, the cuts amount to 7 per cent of the three divisions' staff.
Barclays will infuse an additional equity capital of $50 million to the Indian arm, Barclays India. This marks the second round of capital infusion since the first injection of $50 million in the first quarter of 2002.
Barclays further said there is increased momentum in announcements of equity offerings in public sector units, 'which suggests upside risks to our estimate of fiscal divestment proceeds of Rs 25000 crore in the next fiscal,
"The slump in activity in emerging Asia is over. We believe the region returned to positive growth of the aggregate level in the first quarter of 2009 -- driven by China and India -- and the recovery is broadening to the more open industrial economies in 2009," Barclays Capital, an investment banking arm of Barclays, said.
The pay rise at Barclays Capital is expected to be backdated to June this year as the bank looks to compensate its staff following the bonus crackdown.
Barclays Bank on Thursday launched its retail and commercial banking service in India. So far, the bank operated in the country through Barclays Capital, its investment division.
As part of its expansion drive in the high-potential Indian financial services market, Barclays Bank plans to pick up a 10 per cent stake in asset reconstruction company, ARCIL, from domestic banking major ICICI Bank.\n\n
The move would result in around 25-30 job cuts.
The US owners of Premier British League Football team Liverpool are looking to sell the club and have appointed Barclays Capital to find a buyer, a source familiar with the matter said on Sunday. American businessmen Tom Hicks and George Gillett are facing a demand to repay 100 million pounds ($153 million) of the club's 237 million pounds debt to its lenders, Royal Bank of Scotland and US bank Wachovia, in July.
Four-time Odisha MP Pinaki Misra's wedding to firebrand TMC MP Mahua Moitra in a quiet, intimate ceremony that chose privacy and tradition over fanfare, was a reflection of his personal style.
Due to tight liquidity condition, RBI would cut cash reserve ratio.
Barclays is not alone in trying to decide the best size and shape of its investment bank in a changed regulatory landscape.
Donald Trump's Presidency of the United States will open new opportunities for India though certain sectors, especially pharma and IT, may face the heat if the incoming president decides to impose restrictions on imports and H1B visa regulations, experts said on Wednesday. Prime Minister Narendra Modi's friendly relationship with Trump will have a positive bearing on Indo-US relations but India may have to adapt its strategies to maintain cooperation in areas of mutual interest.
Jay Shah expressed his vision to grow the global reach of the sport with a particular focus on the opportunity of the Olympic Games in Los Angeles in 2028.
'We have to retain some fiscal headroom without compromising on the promised fiscal consolidation roadmap.'
Premier League club Liverpool went up for sale Friday after American owners Tom Hicks and George Gillett appointed Barclays Capital to find a buyer.
Emerging market currencies including Indian rupee are likely to remain under pressure, though depreciation is expected to slow from here, Barclays said in a research report.
HDFC and Barclays Bank on Monday announced they will exit their joint venture Intelenet Global Services by selling stakes to SKR BPO Services, co-owned by Blackstone GVP Capital and Intelenet management, for an undisclosed amount.
'We operate in 16 countries already, and therefore adding the UK to it, and beginning a chapter in the European continent is the next step.'
The Hinduja group is learnt to be looking at alternative means of financing, including private credit, to fund its Rs 9,661 crore all-cash offer to acquire Reliance Capital. The regulator, Insurance Regulatory & Development Authority of India (Irdai), had earlier rejected the collateral offered by the group to raise funds. The Hinduja group was in talks with Barclays, JPMorgan, Cerberus Capital Management and Apollo Global Management to raise up to $850 million.
Standard Chartered Bank appears to lead the race to acquire Barclays Bank's credit card business in India, six months after the British lender decided to sell it, three people familiar with the development said.
In its report 'Global Top Picks', Barclays expects the current bull market in global equities to continue, generating a total return of 9 per cent in 2015.
India's largest power generation company National Thermal Power Corporation on Tuesday embarked upon a major overseas fund raising exercise and decided to establish medium term note programme of $1 billion.
The 30-share Sensex ended down 112 points at 20,112 and the 50-share Nifty closed 43 points lower at 6,114.
Despite the possibility of the economy bottoming out, the investment cycle could remain weak for another couple of years and earnings downgrades should continue.
Markets ended lower on Tuesday, amid weak European cues, weighed down by profit taking in autos and select bank shares.
According to Barclays Capital, the government's decision to lower the withholding tax on foreign borrowings could produce an additional $2 billion per year inflow in the medium term -- a material sum against annual balance of payments forecasts (around $15 billion deficit).
Ashishkumar Chauhan says that the exchange is seeking a valuation of about $1 billion.
The aftershocks of the earthquake and Tsunami in Japan will be felt in industries in other parts of Asia and Europe.
The hedge fund servicing unit would be headed by John Nicholson, a former Barclays Capital executive, who would become the managing director in Citi's US trading team, the Financial Times reported.
A recent report by Barclays Capital, the global consultancy firm, forecast the Certified Emission Reduction price to surge 92 per cent in the first half of this year.
Gold will first slide to $1,310-1,325 early next year on profit booking. But, the precious metal will get good buying support from central banks in Asia and West Asia regions, who are looking for opportunities to increase their gold portfolio.
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